The biggest tokenized securities market nobody can query.
Japan has the largest tokenized securities market outside the United States, and none of it appears in any aggregator. Real estate trusts, corporate bonds and funds, issued by the country's major banks and brokerages — invisible to every comparison site including, until we measured it, ours.
Why this one cannot be read
It is not readable, and the reason is architecture rather than access control. ibet, the network carrying most of the market, is a Quorum consortium jointly operated by 18 financial institutions — permissioned by design. Its open-source toolkit, ibet-Prime, is an issuer-side API for running a register, not a public read interface. Progmat, the largest platform, migrated ¥452bn to a dedicated Avalanche L1 in 2026, which press coverage called a public chain; it runs on AvaCloud with validators Progmat controls, and it does not appear in the public Avalanche L1 index. 'Public chain' and 'public data' are not the same claim.
What would change that: Progmat's Avalanche L1 appears in the public chain index, or its RPC is published. The register would then be readable on-chain — the route that worked for RealT.
The rules there
Security tokens are regulated instruments under the FIEA. Distribution is domestic, which removes any commercial reason to publish a catalogue an outsider could read.
Market sizes are read from named reports; the availability finding is tested separately by loading the platform’s own site, reading the API paths out of its JavaScript bundles and calling them. A guessed endpoint returning 404 proves nothing.
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